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NIO Stock Can Double, Says Analyst. One Big Overhang Is Gone for the EV Maker.
Chinese electric-vehicle maker NIO has lagged behind peers so far in 2021. The underperformance of its American depositary receipts—U.S.-listed securities—could be ending.Citigroup analyst Jeff Chung wrote Tuesday that recent weakness in NIO ADRs was related to the company selling shares. Those sales are done and he sees positive catalysts for the stock coming in 2022.He rates NIO ADRs at Buy and has an $87 price target, more than 100% higher than recent levels.NIO ADRs rose 7% Monday, closing
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